Wireless Telecommunications Services

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Let's Gowex starts insolvency proceedings-Reuters

Thursday, 10 Jul 2014 09:32am EDT

Let's Gowex SA:Gowex started insolvency proceedings on July 10, lawyers acting in the name of company told Reuters-Reuters.Company had said on July 6 it would file for bankruptcy and that its chief executive officer had resigned, after acknowledging group had reported false accounts for at least four years.Under Spanish law, company filing for such proceedings has maximum of four months to reach deal with creditors or enter into administration.

Let's Gowex to file for bankruptcy; says accounts were false and CEO resigns-Reuters

Sunday, 6 Jul 2014 02:30pm EDT

Let's Gowex SA:Gowex said on July 6 it would file for bankruptcy and its CEO had resigned-Reuters.Move was triggered on July 1 by publication of report by firm called Gotham City Research alleging Gowex was misrepresenting its accounts.Company and its CEO and founder Jenaro Garcia Martin had first denied allegations and said they would take legal action against Gotham City Research.They also said they had hired PricewaterhouseCoopers to carry out forensic audit of firm that would confirm the Gotham report was "false".Garcia Martin said on July 6 he had reported false accounts for at least last four years.

Index Multimedia SA Announces Ruling of Toulouse Court of Commerce on Its Liquidation and Transfer of Its Activities

Thursday, 24 Oct 2013 11:35am EDT

Index Multimedia SA announced that in the framework of the receivership procedure, the Toulouse Court of Commerce ordered on October 17, 2013 the assignment of INDEX Index Multimedia SA's activity to the benefit of Mr. Philippe Pisani, a former senior executive of the Company, acting for a simplified limited company (French SAS). The four business lines of the Company INDEX MULTIMEDIA (indirect sales, community services, gaming and digital Kizuna) are taken over. The scope of the takeover includes the business and some contracts necessary for the continuation of the activity. At the same time, the transfer of the business of the French subsidiary SASU TECHNIQUES MODERATION & CONVERGENCES was approved for the benefit of M. Pisani. The takeover commencement date is set on the date of the pronouncement of the judgment, i.e. on October 17, 2013. The Court has also decided, after the transfer, the liquidation of Index Multimedia SA as well as of TECHNIQUES MODERATION & CONVERGENCES as of October 17, 2013.

Index Multimedia SA's Techniques Moderation et Convergence SAS Goes into Receivership; Index Multimedia SA Updates on Receivership Procedure

Tuesday, 10 Sep 2013 11:40am EDT

Index Multimedia SA announced that its subsidiary Moderation et Convergence SAS was placed into receivership on September 3, 2013. In addition the Company announced that in the context of its own receivership proceedings four offers for the takeover of Index Multimedia SA's assets have been deposited. The Toulouse Court of Commerce will examine these takeover offers on October 8, 2013.

Halmstad Tingsratt Rejects Free2Move Holding AB Bankruptcy Application for Free2move AB

Tuesday, 11 Jun 2013 02:01pm EDT

Free2Move Holding AB announced that a bankruptcy application has been filed for the Company's subsidiary, Free2move AB. The application was rejected by Halmstad Tingsratt on June 11, 2013.

Bankruptcy Proceedings Filed Against Offices of Mobil'nye TeleSistemy OAO subsidiary in Uzbekistan-Interfax

Monday, 6 May 2013 09:07am EDT

Interfax reported that Uzbekistan's regional economic courts have filed bankruptcy proceedings against the branches of LLZ Uzdunrobita, the Uzbek subsidiary of Mobil'nye TeleSistemy OAO (OJSC MTS), according to announcements published in local media. These proceedings are based on rulings passed by the Karakalpakstan Republic's economic court and 12 regional economic courts. As per the court decisions, monitoring procedures have been opened at Uzdunrobita's branches, and temporary managers have been appointed. The creditors of all of the branches will hold simultaneous meetings on June 3. The bankruptcy proceedings against Uzdunrobita's branches will simultaneously be heard at all of the courts on June 10. Uzdunrobita's offices officially bore legal entity status, but they were also part of the head company's structure.Uzdunrobita filed for bankruptcy with the court on January 18. At a meeting on March 5, the MTS subsidiary's creditors decided to open liquidation proceedings against it and asked the court to declare the company bankrupt. However, on March 11 the court rejected the creditors' request to open liquidation proceedings, instead prolonging the monitoring procedure at Uzdunrobita.

Court Recognizes Mobil'nye TeleSistemy OAO's IP Uzdunorbita OOO Bankruptcy, Opens Liquidation Proceeding-Interfax

Monday, 22 Apr 2013 02:48am EDT

Interfax reported that the Economic Court of Tashkent on April 22, 2013 decided to recognize IP Uzdunorbita OOO, Mobil'nye TeleSistemy OAO's subsidiary, bankrupt and open liquidation proceedings, Interfax reporter said. Thus, the Court granted creditors petition. The Court also appointed a liquidator. According to the legislation law of the Republic, the liquidation of IP Uzdunorbita OOO should be completed within a year.

Uzbek Court Starts Bankruptcy Case Against Mobil'nye TeleSistemy OAO's Subsidiary Uzdunrobita-PRIME

Wednesday, 23 Jan 2013 02:40am EST

PRIME reported that Tashkent’s Economic Court has launched bankruptcy proceedings against cellular operator Uzdunrobita, a subsidiary of Mobil'nye TeleSistemy OAO (MTS). The court will impose a supervision procedure on the company and appoint an interim manager. Within the next month, the court will make a list of debts and call the creditors for a meeting to choose a bankruptcy procedure,” the source said. Under the Uzbek legislation, an economic court considers a bankruptcy case within three months from the date of its launch. In extraordinary cases, the proceedings can be extended for no longer than two months. Uzdunrobita filed a bankruptcy motion earlier in January saying it cannot meet its financial obligations after a court revoked its license to operate in August as part of a dispute involving a criminal case against local MTS managers and a back-tax claim. MTS has dismissed around 170 Uzdunrobita employees since early January, and the remaining 200 workers will be dismissed on April 1. Uzdunrobita contributed revenue of USD 430 million or 3.5% of MTS’ total in 2011. MTS has already written off over $1 billion in costs in Uzbekistan and USD 579 million in impaired Uzbek assets between March and June last year. In November 2012, the court ordered Uzdunrobita to pay around USD 600 million in damages to the Uzbek government. Uzbekistan’s Supreme Economic Court repeatedly postponed hearing MTS’ cassation appeal contesting the revocation of Uzdunrobita’s licenses.

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